US cable TV giant Comcast succeeded Saturday in its quest to nab major UK television company Sky, outbidding rival 21st Century Fox as traditional TV and film companies look to beef up their offerings and fend off upstarts like Amazon and Netflix.

Comcast's final offer values Sky at around 29.7 billion pounds (about $39 billion). It bid £17.28 per Sky share. Fox bid £15.67. Fox owns a 39 percent stake in Sky and it remains to be seen whether it'll sell those holdings to Comcast.

Deal - Period - Media - Giants - Broadcast

The deal is the latest in a frenzied period of media giants attempting to buy each other, as traditional broadcast and movie companies face growing competition from tech giants. Deep-pocketed firms like Netflix and Amazon have eye-popping budgets and are pouring money into media production and streaming rights.

In July, Comcast lost out to Disney in a bid to buy Fox. Home to popular franchises like X-Men, Deadpool, The Simpsons and more, Fox's entertainment assets could benefit Disney significantly. Disney is looking to launch its own streaming service by the end...